NEW YORK (Standard&Poor's) Dec. 20, 2005--Standard&Poor's Ratings Services said today that it assigned its preliminary 'BBB-' senior debt, 'BB+' subordinated debt, and 'BB' preferred stock ratings to Argonaut Group Inc.'s (NASDAQ:AGII) recently filed universal shelf. The new shelf has an undesignated notional amount in accordance with the new SEC rules effective Dec. 1, 2005. Standard&Poor's also said that it affirmed its 'BBB-' counterparty credit rating on Argonaut. The outlook remains stable. "The ratings on Argonaut reflect the company's diversified business mix, successful execution of its strategy, improved earnings, strong and improved capitalization, conservative financial leverage, and strong fixed-charge coverage," said Standard&Poor's credit analyst Jason A. Jones. Partially offsetting these positive factors are
